SINGAPORE - Police have arrested a 58-year-old man for suspected operation as a loanshark.
He was detained at Block 107 Gangsa Road yesterday at 5pm.
Preliminary investigations revealed that he allegedly operated as an unlicensed moneylending business and believed to have issued loans estimated at about $26,000 to at least 10 debtors.
Upon his arrest, cash amounting to $14,037 and two mobile phones were confiscated for investigations.
He will be charged in court tomorrow. First-time offenders found guilty of carrying on the business of an unlicensed moneylender may be fined between $30,000 and $300,000, imprisoned up to four years and also caned up to six strokes.